Australia's IOOF trips as Citi cuts PT on worse-than-expected net outflows
29/10/2021 04:45
(Updates to add shares and details)
** Australian fund manager IOOF Holdings IFL.AX falls as
much as 4.8% to A$4.00 to its lowest since June 3
** Brokerage Citi says IFL's Q1 net outflows were a little
worse than expected during the quarter, cuts PT to A$5.20 from
A$5.30
** IOOF, which in November hopes to rebrand to Insignia
Financial, had A$321.1 bln ($241.95 bln) in funds under
management and administration (FUMA) at September 30
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** Citi says it remains to be seen whether action to reprice
the OneAnswer index products will reduce net outflows in future
quarters, maintains "buy" rating
** Adds that after Q4's positive momentum, it is
disappointing to see investment management flows strongly
negative for IOOF in 1Q22 and says these flows are inherently
lumpy
** Seven of eight analysts rate the stock "buy" or higher
and one "hold"; their median PT is A$5.25 – Refinitiv Eikon data
** Almost 4 mln shares changed hands, compared with its
30-day moving average of 2 mln shares
** IFL up 21.1% YTD, as of last close
($1 = 1.3271 Australian dollars)
(Reporting by Anushka Trivedi & Riya Sharma in Bengaluru)
((Riya.Sharma@thomsonreuters.com;))